AutoZone (AZO) Stock Closed Down Following Mixed Earnings

AutoZone (AZO) stock ended the day in the red after the company reported its mixed fiscal third-quarter earnings results.

NEW YORK (TheStreet) -- Shares of AutoZone Inc (AZO) finished the regular trading session in the red, slightly lower by 0.11% to $688.43 on Tuesday, after the car parts company reported mixed fiscal third quarter earnings results earlier this morning.

Its gross profit, as a percentage of sales, widened to 52.3% from 52% a year ago.

Operating expenses, as a percentage of sales, rose slightly to 31.6% from 31.5%.

Inventory increased 10.7% year-over-year.

"While we have continued to strategically invest in our business in order to support our growth, we remain committed to our disciplined approach to growing operating earnings and utilizing our capital effectively," said AutoZone chairman, president, and CEO Bill Rhodes in a statement.

During the quarter, AutoZone repurchased 763,000 shares for $515 million, which is more compared to what the company bought back in the first half of the year.